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Plans of Restructuring
 3 Months Ended
Mar. 29, 2025
Plans of Restructuring [Abstract]  
Plans of Restructuring
Note 10 – Plans of Restructuring
On August 6, 2024, we committed to a new restructuring plan (the “2024
 
Plan”) to integrate recent acquisitions,
right-size operations and further increase efficiencies.
 
During the three months ended March 29, 2025, we recorded
restructuring charges associated with the 2024 Plan of $
25
 
million, which primarily related to severance and
employee-related costs.
 
We expect to record restructuring charges associated with the 2024 Plan through the end of
2025; however, an estimate of the amount of these charges has not yet been determined.
On August 1, 2022, we committed to a restructuring plan (the “2022
 
Plan”) focused on funding the priorities of the
BOLD+1 strategic plan, streamlining operations and other initiatives to
 
increase efficiency.
 
The 2022 Plan has
been completed as of July 31, 2024.
 
During the three months ended March 30, 2024, in connection
 
with our 2022
Plan, we recorded restructuring costs of $
10
 
million, which primarily related to severance and employee-related
costs, accelerated amortization of right-of-use assets and fixed assets,
 
and other exit costs.
 
 
Restructuring costs recorded for the three months ended March 29, 2025
 
and March 30, 2024, in connection with
the 2024
 
Plan and 2022 Plan,
 
respectively, consisted of the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 29, 2025
Global Distribution
and Value-Added
Services
Global
Specialty
Products
Global
Technology
Corporate
Total
2024 Plan
Severance and employee-related costs
$
10
$
5
$
1
$
6
$
22
Impairment and accelerated depreciation and amortization
of right-of-use lease assets and other long-lived assets
1
-
-
-
1
Exit and other related costs
1
-
1
-
2
Restructuring costs-2024 Plan
$
12
$
5
$
2
$
6
$
25
Three Months Ended March 30, 2024
Global Distribution
and Value-Added
Services
Global
Specialty
Products
Global
Technology
Corporate
Total
2022 Plan
Severance and employee-related costs
$
4
$
2
$
1
$
-
$
7
Accelerated depreciation and amortization
4
-
-
(3)
1
Exit and other related costs
-
-
-
2
2
Restructuring costs-2022 Plan
$
8
$
2
$
1
$
(1)
$
10
The following table summarizes,
 
by plan year the activity related to the liabilities associated with
 
our restructuring
initiatives under the 2022 Plan and the 2024 Plan for the three
 
months ended March 29, 2025.
 
The remaining
accrued balance of restructuring costs as of March 29, 2025, which primarily
 
relates to severance and employee-
related costs, is included in accrued expenses: other within our condensed consolidated
 
balance sheets.
 
Liabilities
related to exited leased facilities are recorded within our current and non-current
 
operating lease liabilities within
our condensed consolidated balance sheets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2022 Plan
2024 Plan
Total
Balance, December 28, 2024
 
$
12
$
28
$
40
Restructuring costs
-
25
25
Non-cash accelerated depreciation and amortization
-
(1)
(1)
Cash payments and other adjustments
 
(6)
(16)
(22)
Balance, March 29, 2025
 
$
6
$
36
$
42